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HUNTINGTON BANCSHARES REPORTS RECORD EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 1993

 COLUMBUS, Ohio, Oct. 13 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported record net income of $59.4 million for the third quarter of 1993, an increase of 51.2 percent from $39.3 million earned in the same period one year ago. Net income for the first nine months of 1993 was $168.1 million, up 49.7 percent from $112.3 million earned in the first three quarters of 1992.
 Earnings per share were $.60 for the third quarter and $1.70 for the first nine months of 1993 compared with $.40 and $1.15 in the corresponding periods last year - increases of 50.0 percent and 47.8 percent, respectively. Per share amounts are restated to reflect the acquisitions of CB&T Financial Corp. on June 25, 1993 and Commerce Banc Corporation on Sept. 24, 1993, as well as the ten percent stock dividend that was distributed to shareholders in July of 1993.
 Profitability measures showed continued superior performance. Return on average assets for the third quarter was 1.43 percent versus 1.07 percent one year ago. For the nine month period, return on assets was 1.41 percent in 1993 up from 1.05 percent in 1992. Returns on equity for the most recent quarter and nine months were 19.76 percent and 19.50 percent compared with 14.87 percent and 14.63 percent in the respective periods last year.
 "This continues to be a very good year for our company," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "We have achieved record earnings and profitability levels while further strengthening our balance sheet."
 The company benefitted from continued strong loan growth. Average total loans increased 11.8 percent from the third quarter last year. This accounted for the majority of the 13 percent increase in average earning assets over the same time period. Though the net interest margin in the most recent quarter declined to 5.17 percent from 5.31 percent one year ago, Huntington recorded a 10.1 percent increase in fully tax equivalent net interest income due to its strong earning asset growth.
 Huntington's asset quality measures are among the best of the largest banking companies in the country. Net charge-offs in the third quarter were .40 percent, down from .91 percent last year. For the nine month period, net charge-offs declined to .33 percent from .82 percent in 1992. Non-performing assets decreased to $149.1 million, or 1.49 percent of total loans and other real estate, as of Sept. 30, 1993 from $181.8 million, or 2.03 percent of total loans and other real estate, one year ago. At quarter-end, the company's allowance for loan losses totalled $203.2 million, or 2.04 percent of total loans, up from $146.7 million, or 1.65 percent of total loans, at the end of September 1992. The allowance for loan losses currently provides coverage of 240.6 percent of non-performing loans and 130.6 percent of non-performing assets.
 Non-interest income, excluding securities gains, increased 32.7 percent for the third quarter and 25.7 percent for the first nine months from the corresponding periods in 1992. Higher levels of income from mortgage banking, credit card fees, and sales of investment products were key factors in this improvement.
 Non-interest expense was also higher in both the third quarter and first nine months of 1993. This was largely due to expenses related to increased residential mortgage production and the accelerated amortization of capitalized mortgage servicing, fueled by higher levels of refinancing activity. Excluding the mortgage company's increased expenses and the impact of the second quarter purchase of Charter Oak Financial Corporation, total non-interest expense, excluding the provision for other real estate, would have risen only 4.3 percent from the third quarter and 5.7 percent from the first nine months of 1992.
 Huntington's capital position continues to be strong. Average equity to average assets was 7.26 percent and 7.21 percent for the third quarter and first nine months of 1993 versus 7.20 percent and 7.19 percent for the same periods last year. The company's Tier I and total risk-based capital ratios were 9.28 percent and 13.84 percent, respectively, and its Tier I leverage ratio was 6.89 percent as of Sept. 30, 1993. At the end of the second quarter, Huntington's total risk-based capital ratio was the seventh highest of the largest 50 bank holding companies in the country. Huntington's capital ratios exceed the regulatory requirements to be considered a "well-capitalized" bank holding company.
 In September, Huntington completed the acquisition of Commerce Banc Corporation, an $897 million bank holding company headquartered in Charleston, W.Va. Total assets of Huntington Bancshares West Virginia, Inc. are currently $2.3 billion making it the third largest bank holding company in that state. Two additional acquisitions announced during the second quarter are pending and are expected to be completed before year- end, subject to appropriate regulatory and shareholder approval. Railroadmen's Federal Savings and Loan Association is a $674 million savings association headquartered in Indianapolis, Indiana. First Bancorp Indiana, Inc. is a $302 million thrift holding company headquartered in Lafayette, Ind.
 Huntington Bancshares is a $16.8 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 335 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 78 offices in the seven states mentioned as well as Connecticut, Delaware, Georgia, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, and Virginia.
 HUNTINGTON BANCSHARES INCORPORATED
 COMPARATIVE SUMMARY (CONSOLIDATED)
 (in thousands of dollars)
 CONSOLIDATED RESULTS Three Months Ended
 OF OPERATIONS Sept. 30 Change
 (fully tax equivalent basis) 1993 1992 pct
 Interest Income $298,469 $289,377 3.1 pct
 Interest Expense 102,225 111,165 (8.0)
 Net Interest Income 196,244 178,212 10.1
 Provision for Loan Losses 15,193 22,879 (33.6)
 Non-Interest Income 90,229 59,263 52.3
 Non-Interest Expense 178,754 154,327 15.8
 Provision for Income Taxes 30,210 17,260 75.0
 FTE Adjustment 2,882 3,700 (22.1)
 Net Income $59,434 $39,309 51.2 pct
 PER COMMON SHARE AMOUNTS (A)
 Net Income $0.60 $0.40 50.0 pct
 Cash Dividends Declared $0.20 $0.16 25.0 pct
 Shareholders' Equity
 Per Common Share $12.27 $10.85 13.1 pct
 Average Shares
 Outstanding (000's) 98,049 97,439
 KEY RATIOS
 Return On:
 Average Total Assets 1.43 pct 1.07 pct
 Average Shareholders' Equity 19.76 pct 14.87 pct
 Net Interest Margin 5.17 pct 5.31 pct
 Average Equity/Average Assets 7.26 pct 7.20 pct
 Tier I Risk-Based Capital Ratio
 (period end) 9.28 pct 9.28 pct
 Total Risk-Based Capital Ratio
 (period end) 13.84 pct 11.24 pct
 Tier I Leverage Ratio
 (period end) 6.89 pct 6.91 pct
 CONSOLIDATED RESULTS Nine Months Ended
 OF OPERATIONS Sept. 30 Change
 (fully tax equivalent basis) 1993 1992 pct
 Interest Income $890,621 864,215 3.1 pct
 Interest Expense 310,224 362,777 (14.5)
 Net Interest Income 580,397 501,438 15.7
 Provision for Loan Losses 63,671 64,422 (1.2)
 Non-Interest Income 221,938 190,318 16.6
 Non-Interest Expense 480,685 453,456 6.0
 Provision for Income Taxes 80,914 50,103 61.5
 FTE Adjustment 8,962 11,505 (22.1)
 Net Income $168,103 112,270 49.7 pct
 PER COMMON SHARE AMOUNTS (A)
 Net Income $1.70 $1.15 47.8 pct
 Cash Dividends Declared $0.55 $0.45 22.2 pct
 Shareholders' Equity
 Per Common Share $12.27 $10.85 13.1 pct
 Average Shares
 Outstanding (000's) 98,786 97,343
 KEY RATIOS
 Return On:
 Average Total Assets 1.41 pct 1.05 pct
 Average Shareholders' Equity 19.50 pct 14.63 pct
 Net Interest Margin 5.27 pct 5.14 pct
 Average Equity/Average Assets 7.21 pct 7.19 pct
 Tier I Risk-Based Capital Ratio
 (period end) 9.28 pct 9.28 pct
 Total Risk-Based Capital Ratio
 (period end) 13.84 pct 11.24 pct
 Tier I Leverage Ratio
 (period end) 6.89 pct 6.91 pct
 CONSOLIDATED STATEMENT
 OF CONDITION DATA At Sept. 30 Change
 1993 1992 pct
 Total Loans $ 9,977,643 $ 8,911,875 12.0 pct
 Total Deposits $ 11,459,483 $ 11,071,947 3.5
 Total Assets $ 16,818,624 $ 15,199,658 10.7
 Shareholders' Equity $ 1,212,252 $ 1,063,351 14.0
 ASSET QUALITY
 Non-performing loans $ 84,425 $ 118,033
 Total non-performing assets $ 149,148 $ 181,806
 Allow. for loan losses/
 total loans 2.04 pct 1.65 pct
 Allow. for loan losses/
 non-performing loans 240.64 pct 124.27 pct
 Allow. for loan losses & OREO/
 non-performing assets 130.60 pct 84.22 pct
 (A) -- Restated for the 10 percent stock dividend distributed in July 1993.
 NOTE: Prior periods have been restated for the acquisitions of CB&T Financial Corp. and Commerce Banc Corporation which were accounted for as poolings-of-interests.
 -0- 10/13/93
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares Incorporated, 614-463-4304/
 (HBAN)


CO: Huntington Bancshares Incorporated ST: Ohio IN: FIN SU: ERN

AR -- CL009 -- 1628 10/13/93 11:31 EDT
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